London and New York advise LATAM Airlines Group S.A. on Chapter 11 Restructuring

Global law firm Norton Rose Fulbright has advised on the restructuring of LATAM Airlines Group S.A. (LATAM), the largest airline in Latin America.

The restructuring was completed through a Chapter 11 process in the US Bankruptcy Court and is one of the largest Chapter 11 restructurings undertaken for a non-US airline.

LATAM filed for Chapter 11 protection in May 2020 and exited the process on 3rd November 2022. As special aircraft counsel, the Norton Rose Fulbright team advised LATAM on the restructuring of its fleet and financing contracts throughout the Chapter 11 process.

The firm worked on the restructuring of complex lease financing structures, including the restructuring of the airline's JOLCO financings, securing long-term lease commitments from LATAM's Lessor group and the documentation of new lease commitments as LATAM re-organised its fleet. The firm also worked with the LATAM team to restructure key debt commitments and document new financing commitments prior to the company's emergence from Chapter 11.

Norton Rose Fulbright fielded a multi-disciplinary team out of London and New York to advise LATAM on all aspects of the project, working alongside the LATAM team and Chapter 11 counsel Cleary Gottlieb Steen & Hamilton.

The London team was led by Norton Rose Fulbright partners Owen Mulholland and Richard Green, with support from fellow partners Alison Baxter, Charlotte Winter and Will Alete.

Out of New York, the team was led by Norton Rose Fulbright partner Sean Corrigan and senior associate Ryan Apar.

Partner Owen Mulholland commented:

“The LATAM Chapter 11 restructuring was a fascinating, and challenging, case to work on. The Norton Rose Fulbright team is delighted to see the restructuring come to a successful conclusion for LATAM and to have supported the LATAM team throughout the process.”

The firm’s multi-award winning, global aviation practice holds 11 tier 1 rankings across the leading legal directories, Chambers and Legal 500, based on the feedback of clients and peers.